Acknowledgement of a notable accomplishment. Something long-awaited,
widely desired, possibly unexpected but secretly wished-for, with a suggestion
that something about the problem (and perhaps the steps necessary to make it
go away) was deeply disturbing to hacker sensibilities.

In person, the phrase is almost invariably pronounced with the same
portentious intonation as the movie. The customary in-person (approving)
response is a weak and halfhearted “Yaaaay...”,
with one index finger raised like a flag and moved in a small circle.
The reason for this, like most of the Monty Python
oeuvre, cannot easily be explained
outside its original context.